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Upcoming launches expected to lift performance

Operating performance

* Sri Lotus Developers & Realty recorded presales of INR2.6b, up 126%/4x YoY/QoQ in 2QFY26 (7% above estimates). In 1HFY26, presales were at INR3.2b, up 50% YoY.

* The company launched two projects during the quarter - The Arcadian (Juhu) and Amalfi (Versova), with a total GDV of INR10b and 0.2msf area. These new launches contributed to ~51% of total presales (INR920m from Arcadian and INR380m from Amalfi).

* The company plans to launch four projects in 2HFY26, i.e. Project Varun (Bandra), Lotus Aquaria (Prabhadevi), Lotus Celestial (Versova), and Lotus Trident (Andheri West), of which Project Varun is expected to be launched in 3QFY26.

* The company achieved collection of INR1.1b in 2QFY26, up 16%/51% YoY/QoQ (60% below estimates). In 1HFY26, collections stood at INR1.8b, up 4% YoY.

* In 1HFY26, the company added six projects in premium micro markets of MMR (of which 2 in 2QFY26), like Lotus Portifino (Versova), Lotus Sky Plaza (Oshiwara), and Lotus Odyssey (Bandra), Lotus Avalon (Juhu), Lotus Imperial (Bandra), and Lotus Upper Crest (Bandra).

* The company has deployed INR1.4b in Amalfi, Arcadian, and Varun as of 30th Sep’25 from the primary fund raised.

* The company is currently executing six projects with a total saleable carpet of 0.36msf and potential GDV of INR27-28b. It has another nine projects in the residential pipeline with a total saleable carpet of 0.93msf and potential GDV of INR73-78b. The company also has three commercial projects with a total saleable carpet of 0.77msf and potential GDV of INR30-35b.

* P&L performance: Revenue for 2QFY26 stood at INR1.8b, up 43%/2.8x YoY/QoQ (35% below estimates). In 1HFY26, revenue stood at INR2.4b, down 2% YoY.

* EBITDA stood at INR504m, -23%/+71% YoY/QoQ (49% below estimates), with an EBITDA margin of 29%. In 1HFY26, EBITDA stood at INR799m, down 33% YoY, with a margin of 34%.

* Adjusted PAT came in at INR462m, -8%/+80% YoY/QoQ (38% below estimates) with an Adj. PAT margin of 26%. In 1HFY26, PAT stood at INR718m, down 21% YoY, with a margin of 30%.

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